Polo alderman opposes pact with PNC

A Polo alderman voiced opposition Monday night to a request from a local business that is expanding.

Alderman Randy Schoon said he is not in favor of entering into a Tax Increment Financing (TIF) District redevelopment agreement with PNC, Inc., a longtime Polo manufacturer.

PNC officials are planning a 100 by 100 foot expansion of their building on East Oregon Street.

The estimated cost of the addition is $1 million, and the expansion is expected to bring 25-30 new jobs to the community.

The firm, which makes custom electromagnet solenoid coils and wiring harnesses for the automotive and hydraulic industry, has two locations in Polo. The other building is on East Mason Street in the downtown.

Mayor Doug Knapp said the proposed agreement with PNC calls for 60 percent of the real estate taxes generated from the expansion to go back to PNC for the remainder of the TIF district, which is 17 years.